Crisis talks to broker Brexit deal ‘have gone as far as they can’

Crisis talks to broker a Brexit deal between the government and Labour have collapsed, Jeremy Corbyn has announced. The Labour leader said the negotiations have “gone as far as they can” because “we have been unable to bridge important policy gaps between us”. He complained that as a leadership race kicks off in the Conservative Party, “the position of the […]

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Trump tried to broker House leadership deal, promote loyalist Jim Jordan, report says

Rep. Jim Jordan, R-Ohio, speaks during a news conference on Capitol Hill on Sept. 6, 2018. (Photo: Michael Reynolds, epa-efe) WASHINGTON – President Donald Trump tried to broker a deal to settle House Republicans’ leadership struggle that could result in one of his most loyal defenders becoming the ranking member on the Judiciary Committee, Politico reports.  With the support of his party’s right […]

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Mortgage broker fees making home loans riskier, Royal Commission finds

Mortgage brokers have pushed back against a proposal to ban commissions that banks pay them for selling home loans after the royal commission found they contributed to misconduct and risky borrowing. Commissioner Kenneth Hayne's interim report released on Friday questions if value-based and volume-based fees for brokers should be banned to stop them encouraging clients from borrowing more than they […]

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Trail commission ban would strengthen bank power, broker warns

Scrapping trail commissions paid to mortgage brokers would bolster the big banks' dominance in the home loan market and drive up-front commissions higher, brokers have warned, in response to the Productivity Commission's call for change. In a move welcomed by consumer groups but slammed by mortgage brokers, the commission last week recommended  banning banks from paying trailing commissions, which are […]

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AMP Bank defends mortgage broker commissions

AMP Bank warns it would be a "very poor" outcome for home loan customers if changes to mortgage brokers' pay model stopped brokers from pushing rival banks to compete fiercely for customers. Smaller lenders, many of which are more reliant on mortgage brokers to win business, are watching nervously as the industry faces pressure to reform a commission-based pay model, […]

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One in five people with a mortgage wouldn’t qualify today, broker warns

“Up to 20 per cent of people who took a loan out two or three years ago would not qualify for that loan today. In the last six months lenders have had this lightbulb moment of what ‘responsible lending’ means.” So one of Australia’s only lender-agnostic mortgage brokers confided in me last week – in other words, someone who knows […]

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